Saturday, November 7, 2009

Saturday's Question - What Recovery are you talking about?

Yesterday my federal colleagues released the monthly unemployment numbers for October 2009. Officially, the Nation now has 10.2% of its workforce unemployed. That means that 15.7 million people are now unable to work, whether they want to or not because there are no jobs for them to work at.

Yet, the economists and talking heads tell us, we should be HAPPY! Why? Because the rate at which we lost jobs in October was less the September! We shed jobs more slowly. Surely you know that this is a sign of recovery!

Um yeah, not so much. Americans are funny people - once they have lost a job, they don't see economic recovery until they have that job back. Period. So no, we're not rejoicing since the total - that 10.2% - is still climbing.

So, if you are in economics, or business, please consider this. The rate of loss means nothing outside of certain academic circles. The totals matter. And the more people loose jobs, the longer the recession will go on, no matter what the Stock Market does.

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